TMI Blog2014 (8) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... under consideration, the assessee has suffered a loss in respect of Sada-Gwalior Project and Bareilly-Badaun Project - The net profit rate shown by the assessee, which is higher in comparison to the earlier and subsequent assessment years, appears reasonable and is to be accepted. Applicability of section 44AD – Held that:- Section 44AD is not applicable as the turnover is more than 40 lacs - T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year under consideration, the A.O. found various discrepancies in the books of account and has rejected the same under Section 145(3) of the Income Tax Act, 1961. After rejecting the books of account, the A.O. estimated the net profit rate at the rate of 8% of the cost receipt before depreciation by drawing inspiration from Section 44AD of the Act and he made the addition. The C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 Crores 1.64% u/s 143(1) 1997-98 8.18 Crores 2.42% - - 1998-99 8.86 Crores 2.64% 2.69% u/s 143(3) 1999-2000 9.47 Crores 3.50% 143(1) 2000-01 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already shown at the rate 3.25% which appears reasonable, which is higher in comparison to the previous and subsequent assessment years. In other words, in the previous and subsequent assessment years, the lower net profit rate was accepted by the department. Further, during the assessment under consideration, the assessee has suffered a loss in respect of Sada-Gwalior Project and Bareilly-Badaun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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